"We've been studying the concept of placing CO2 capture hubs in some of Asia's heavy industrial areas such as here in Singapore and then connecting them to CO2 storage locations elsewhere in the region," Blommaert said.

"We're now working with some of the countries identified in [a recent study] to progress potential storage locations." 

The study in question Blommaert is referencing comes from the Singapore Energy Centre; the publication was partially funded by Exxon. 

Its authors posit there is some 300 billion tonnes of CO2 storage capacity sitting unused in existing depleted oil and gas fields and saline formations across Southeast Asia. 

The company has selected Singapore as the preferred Southeast Asian jurisdiction for a major CCS project. 

"Unlike in Houston, the storage capacity [in Singapore] is not close to the areas with the highest emissions," Blommaert added. 

The company is betting CCS will be a serious staple in its decarbonisation efforts. 

Blommaert referenced International Energy Agency data during the address to highlight that Southeast Asia's industrial CO2 emissions currently exceed 4 billion tonnes per year. 

The US Energy Information Agency likewise publishes data on CO2 emissions across Southeast Asia; with the agency recently flagging its own findings that non-OECD emissions are tipped to continue rising for the next 30 years, regardless of international net-zero targets. 

He said a carbon price is necessary, however. 

"Because much of the world doesn't have carbon pricing, there's a risk that some operators will move to countries that don't yet price emissions." 

Indonesia recently adopted a carbon tax.